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| Additional information |
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| Bank of Albania |
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Overview:
Bank of Albania is the Central Bank of the Republic of Albania. This status is ratified by the Article 161 of the Constitution and by Law No. 8269, dated 27.12.1997 " On the Bank of Albania" (pdf, 74kB) that establishes the targets, tasks, relationships with the banking system and the state, organisation and management, ownership on the capital, financial statements and profit allocation.
The Bank of Albania was established during the transition process with the passing to the two-level banking system and with the establishment of the necessary legal space for a central bank, which became official by the adoption of the Law No. 7559 "On the Bank of Albania", on April 22, 1992. The later reviews on this law were compiled pursuant to both the models of the west countries and the recommendations of international organisations.
The Bank of Albania is a fully state owned - bank and is accountable to the People's Assembly of the Republic of Albania. It maintains, in accordance with the Law "On Accounting" and the international standards, accounts and records that should at any time accurately reflect the financial position of the Bank of Albania.
With the attribute of the monetary and supervisor authority of the country, the Bank of Albania enjoys all the reliable functions of a typical central bank:
* It compiles, approves and implements the monetary policy of the country and employsappropriate monetary instruments to achieve the monetary policy targets;
* It has the exclusive right to issue and circulate the national currency and banknote;
* It keeps and administers the foreign reserve of the Republic of Albania;
* It compiles, adopts and implements the foreign exchange regime and the exchange rate policy;
* It licenses or revokes a license on exercising banking activity and supervises the banking activity to ensure the banking system stability;
* It acts as banker and advisor to, and as fiscal agent, of the Government of the Republic of Albania;
* It serves as bank of second - tier banks;
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It promotes the normal functioning of payments system.
The Supervisory Council headed by the Governor manages the Bank of Albania. Within the competencies established by the law, it is independent of any other power in carrying out the main target of its activity and in exercising the assigned tasks. Every subject is obliged to respect the independence of the Bank of Albania, to not try to have influence on any member of the Supervisory Council for impinging on its obligations to the Bank of Albania, and to not interfere in the activity of the Bank of Albania.
The head office of the Bank of Albania is located in Tirana. It has 5 branches in the districts of Shkodra, Elbasani, Gjirokastra, Korça, Lushnja. |
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History:
Albania had its first central bank institution in 1913. It was founded as an outcome of the agreement of the Ismail Qemali government with Mr. Carol Pitner and Oscar Pollack, representatives of the Wienner Bank Verein, acting on behalf of the Austrian-Hungarian bank group and Mr. Pietro Fenolio and Guido Ansbaher, representatives of the Banca Commerciale Italiana, operating on behalf of the Italian bank group.
This institution did not live long due to the political climate of the era and to the outbreak of the First World War. The year 1925 marked the start of the bank's activity under the name of the National Bank of Albania.
The history of the Bank of Albania and its monetary and credit systems in Albania involve the history of attempts preceding the foundation of a central bank (1863-1924), establishment of the National Bank of Albania (1925-1944), then the State Bank of Albania (1944-1992), which at that time exercised both the functions of a central bank and those of a commercial one, and to finish with the two-tier system with the Bank of Albania (since 1992), performing all the functions of a central bank. |
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